5.25% 13-Month CD at a New York CU - and $100 Checking Bonus (Mid-Hudson Valley)

Mid-Hudson Valley Credit Union is having a special called the Harvest Certificate (pdf) which pays 7.50% APR for the first 60 days and 4.69% APR for the remainder of the 13-month term. The blended APY comes out to 5.25%. The minimum deposit is $10,000.

I'm not sure of the advantage of 7.50% for the first 60 days except for the marketing value. At first it looked like the CD would earn 5.25% APY after the first 60 days which would make for a very nice blended yield, but after reading the small print, it appears the blended APY is only 5.25% which isn't great, but in this current rate environment, it isn't too bad.

The credit union also has a $100 checking account bonus. It requires a new checking account with direct deposit, Visa debit card and e-Statements (see promotion pdf).

Membership is open to anyone who lives, works, worships, volunteers or attends school in Ulster, Dutchess or Orange County, NY. Please see their membership page for more details. Membership requires a minimum deposit of $5 into your share savings account.

The credit union is federally insured by the NCUA (Charter # 15766). It has $579.7 million in assets and 49,519 members.